Royal Bank of Scotland Group PLC, the U.K. banking company that agreed to the government's biggest bailout, said that it may eliminate as many as 3,000 jobs in the securities unit, a person with knowledge of the matter said.

The company could cut 15% of the division's work force, said the person, who declined to be identified because the plan has not been discussed with labor groups.

The reductions would come in the next few months and would affect all divisions of the global banking and markets unit, including leveraged loans, asset-backed securities, and corporate lending.

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